Image source: WTHR
Eli Lilly, the pharmaceutical company, is the latest victim of a massive drop in stocks in recent days.
Since Elon Musk took over as CEO of Twitter, there has been a shift in the social media platform.
Account legitimacy has been the primary conversation topic, as anyone can purchase the blue check mark usually reserved for celebrities, politicians, and other figures.
It was Twitter that led to the decline in stock for Eli Lilly.
The tweet
A fake Eli Lilly account managed to fool people after the user opted into Musk’s new Twitter Blue subscription offer and gave himself the blue verification tick.
However, the checkmark tricked users into quickly believing the account’s misleading tweet.
“We are excited to announce insulin is free now,” said the fake Eli Lilly account.
Since the tweet, the account has lost its blue checkmark and gone private.
Hours after the tweet, the insulin maker saw its stock price drop 4.5%.
Eli Lilly later clarified the matter on its official Twitter account.
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The Twitter situation
The collapse of the pharmaceutical company is just one of the many problems that emerged after the subscription change to Twitter Blue.
Initially, people bought the service to impersonate athletes and celebrities before turning it into a breeding ground for other impersonation and misinformation.
While it has appeared on Twitter before, the new checkmark service has created more confusion.
Many users have tried to make their accounts as close to the original as possible.
Elon Musk’s new Twitter Blue service only adds to the platform’s disinformation problem.
The company is just one of many business entities to fall victim to identity theft, along with others:
- Defense manufacturer Lockheed Martin
- Oil company BP
- Produce distributor Chiquita
Read also: Elon Musk shares plans of monetizing Twitter Blue
Aftermath
Twitter is entering a new era as more users use verification checkmarks to poke fun at celebrities.
Users have also highlighted the unethical stories of brands they’re impersonating.
Eli Lilly and Company’s stock may have taken a hit, but the price of insulin for individuals remains very high.
Reference:
Insulin producer Eli Lilly sees stock drop because of a fake blue check tweet
